Arkade Developers acquires 6.28-acre land parcel in Thane near Mumbai for ₹172 crore
Arkade Developers has announced a mixed-use project in Thane near Mumbai, with an estimated cost of ₹2,000 crore and a development area of over 9.26 lakh sq ft
Mumbai-based listed real estate developer, Arkade Developers, on June 13 announced purchasing a 6.28-acre land parcel in Thane near Mumbai for ₹172 crore.
The company plans to develop a mixed-use project with a projected gross development value (GDV) of ₹2,000 crore and having a RERA saleable area of 9.26 lakh sq ft, according to the company statement.
The company said the land parcel is located at Kasarvadavali off Ghodbunder Road in Thane West, and it plans to build 2, 3, and 4 BHK residences along with retail and commercial spaces.
The project faces the Sanjay Gandhi National Park (SGNP) and is wll connected through Ghodbunder Road, the Eastern Express Highway, according to the company statement.
“With a strong presence in central locations such as Kanjurmarg, Mulund, and Bhandup, our entry into the Thane market marks a significant milestone in our growth journey. Thane, with its rapidly evolving infrastructure including upcoming metro lines and other major projects, is emerging as a key growth hub for residential and commercial projects," said Amit Jain, chairman and managing director, Arkade Developers Limited.
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"Our strategy is aligned with the overall market trend towards luxury housing. With accelerating demand, we are well-positioned to maintain a sustainable growth trajectory, creating enduring value for all stakeholders. FY 25 marks a year of prominence, during which we also acquired the legendary 4-acre land parcel in Goregaon, previously leased to Filmistan Pvt. Ltd, having an estimated GDV of ₹3,000 crore," Jain said.
The company said that the upcoming Metro line 4 and the Thane-Borivali twin tunnel will bring significant transformation.
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According to the company, Ghodbunder Road, in particular, continues to draw discerning homebuyers and investors. Jones Lang LaSalle (JLL) India was an exclusive transaction advisor for this deal.
“With rising infrastructure tailwinds and a maturing residential catchment, Thane is fast emerging as a magnet for premium mixed-use development. JLL is proud to have exclusively advised on this deal that underscores our leadership in land advisory transactions and strategic capital placements,” said Nishant Kabra, Head - Capital Markets (West & North India), JLL.
